Investor Letters

Letters through November 30, 2018

1 letter reporting on the period ending November 30, 2018, in each firm's own reckoning.

GoodHaven Capital Management Annual Report GoodHaven Fund added to Spectrum Brands and initiated positions in Mohawk Industries, Lennar and Delta Air Lines as cash was deployed into discounted businesses. It argued that Barrick Gold’s Randgold merger, WPX Energy’s acreage and Jefferies’ discount to tangible book value created large gaps between market prices and intrinsic value. 2018 AAL $8.6BBIREY $1.8BBRK.A $1.2T